August 4, 2025 | New York City
With New York expected to award three downstate casino licenses by the end of the year—and two likely going to existing slot parlors—competition among major developers for the final spot is fierce. Developers including SL Green, Soloviev Group, Silverstein Properties, and Steve Cohen are all vying for the opportunity, offering large-scale casino and mixed-use projects as part of their bids. However, the uncertainty around political approval and community resistance has led some teams to prepare alternative development plans.
Related Companies and Oxford Properties were the first to shift gears. After facing opposition from Council member Erik Bottcher, they dropped their $12 billion casino plan for Hudson Yards and secured a rezoning to build 4,000 housing units, including 625 affordable apartments. This move allowed them to avoid the $2 billion cost of building a platform over the railyards and demonstrated that casino losses can still yield major real estate wins.
Soloviev Group has also indicated flexibility, planning to revert to residential and office development if its proposed casino near the United Nations fails to gain approval. Meanwhile, firms like Steve Cohen’s Metropolitan Park project, SL Green’s Times Square proposal, and Silverstein’s West Side bid have no clear backup plans, insisting that a casino is the only viable economic solution for their sites.
As community advisory committees prepare to vote on the proposals by September 30, developers without contingencies may be at a disadvantage. Some local leaders suggest that failing to present a Plan B could erode community trust and stall development altogether, making real estate adaptability just as crucial as a winning casino bid.